3 Ways to Better Integrate AI into Your Business Strategy

As a brand manager, incorporating AI into your business plans is important for brand recognition and growth. Using AI is essential for brand recognition growth and fast return on investments. As a graduate student at Northwestern University looking out for current developments in IMC, I have found two remarkable articles on how AI will affect future of marketing that you will find useful for your business decisions.  

Artificial intelligence (AI) And The Future Of Marketing: 6 Observations From Inbound 2016 by Gil Press is very fascinating and informative article that provides detailed overview of Inbound 2016 convention. It is one of most important conventions that brings together best sales and marketing professionals from around the globe. This convention reminds brand managers that AI will substitute all mechanical work in marketing, but will not bother creative and strategic processes. In 2017 the era of bots has begun, really soon AI will take over online customer support chats and bots will seamlessly communicate with consumers without them noticing that this is not a human being. Speakers reassured marketers concerns and confirmed the good part of the trend by saying “Marketers will not be replaced by AI and will be able to skip the boring stuff.”

Another article about AI written by Lisa Manthei - 5 ways AI marketing boosts campaign performance & ROI is describing 5 key ways how to boost marketing campaigns using AI. Lisa describes in detail how companies must understand the concepts of machine learning and big data. She talks about endless amount of data to analyze, and reminds marketers that AI is here and developing fast. Also she mentions that in today’s AI environment, brand managers need to react fast and start using the most powerful AI marketing tools now, as is the next big thing and competition is already taking action. This article is just confirming that marketers will not lose their jobs, just automation of mechanical processes will untie marketers hands to work on good strategies, content, and creative ideas.

Taking into consideration these two articles, my work experience and knowledge gained at Northwestern University, below three actions are required:

• First Movers = Most Profits - If you want to get into AI market, you need to be aggressive to your competition and take actions now
• AI is Here & Growing - You need to believe that this is the next big thing
• Think Big Data - Big data actually helps in developing AI and remodeling marketing solutions all over the world

Victor Yakovlev

Northwestern University, Medill Integrated Marketing Communications MS full-time student and customer-focused strategic marketer with 10 years of international experience. Worked as a branch manager for Unicore Overseas in Moscow from 2012  2015 and positioned European company on fast paced Russian market. 

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What Businesses Should Learn from Fast Casual Success

The fast casual restaurant industry continues to steal market share from QSR concepts, which have either plateaued or declined in customer traffic in the past five years.

Fast casuals, a market lying between fast food and casual dining on the restaurant spectrum, one-up their QSR rivals with more customized meals, healthier options, and more counter service. They’re not going anywhere anytime soon, with consumers choosing to spend a little extra for perceived fresher, healthier, and more natural ingredients. 

Forbes reports that fast-casual chain sales rose 11% in 2013 due to higher guest count and average ticket spend, while fast food sales rose only 2%. In latest news, Habit Restaurants Inc. more than doubled in their trading debut, according to a recent Reuters article. Five concepts raised $486 million in U.S. IPOs in one year, four of which were fast-casuals, reports Reuters’ Neha Dimri and Sruthi Ramakrishnan.

Photo courtesy of Nation's Restaurant News

So what’s the key to their success?

The fast casual concept’s business model is the way of the future. A Northwestern University IMC student and industry insider with a focus in brand management, my interest is in restaurant concept development and forecasting trends in the fast casual field. Fast casual concepts have proven, both within their industry and in the consumer packaged goods space holistically, that consumers expect so much more out of brands than simply the receipt of an exceptional product.

There’s an increase in consumer demand to “do more.” Restaurants like Chipotle Mexican Grill, Sweet Green, and Panera are not only praised for their food, but also their operations, marketing and sustainability efforts. Fastcasual.com points to Panera which now focuses on three verticals: people, community, and planet, by expanding their recycling team, decreasing energy use, seeking emerging technologies, building non-profit partnerships, removing artificial foods, and investing in its people.

Photo courtesy of Fast Company

Consumers’ expectations for their food have only increased. The most successful brands combine, sustainability, community engagement and social service, as well as perceived wholesome foods to create an unbeatable experience that fits in line with the consumer’s morale. The restaurants who show they are committed to these three initiatives, will continue to see growth and increased guest loyalty.

Rule #1: Health and hygiene trump cost. People are showing they’re willing to pay more for higher quality ingredients and fresher preparation.

Rule #2: Make sustainability a priority. Discover how sustainability can fit into your company culture. Live it, breathe it, and promote it to your consumers.

Rule #3: Devote time to a non-profit cause that fits with your brand’s goals and devote yourselves to them – quality trumps quantity here. Create partnerships that last so your company can really make an impact, driving consumer engagement to this cause.

Consumers stand behind brands that fit in line with their social, environmental, and health standards. The fast casual industry is a perfect example of consumers’ greater expectations. In the restaurant industry and outside it, companies need to reassess their priorities and create value outside of the product itself. The idea that you can only be as good as your taste, is no more.

Lauren Neuschel is a part-time IMC Masters student at Northwestern University and Brand and Communications Manager for one of the Top 20 Fastest Growing Small Chains in America. In her current role, Lauren led the vegan restaurant concepts recent re-branding efforts, selected and managed multiple digital agencies, executed public relations initiatives, and built content across social platforms. Lauren has a strong background in branding and creative content creation with a bachelor’s degree in journalism from Northwestern’s MedillSchool of Journalism.

Marketers: Learn How to Handle International Markets

Marketers: Learn How to Handle International Markets

When you are addressing how to take your marketing strategy worldwide, there will be the temptation to use a cookie cutter approach; this temptation must be squelched.   As a student in integrated marketing at Northwestern University, I have seen how understanding a nation’s cultural values will allow your strategy to truly flourish.

A Look At Marketing In Brazil

           

            Finding the right product for a unique marketplace means having to invest far less in your offering, as the product will match up with the wants and needs of your target market.  For instance, open a new page to look at Metro’s article on this Brazilian offering: http://bit.ly/1mYdoSi. Outsiders see a ridiculous luxury item.  Brazilians see a chance to cherish their heritage in their beautiful game.  The upcoming 2014 World Cup will sell a unique souvenir: Pele’s hair crystallized into diamond form.  The soccer superstar’s hair is taken and transformed into 1,283 diamonds (equaling his goal tally) and will be on sale for £4,500. 

Brazil's spending on Consumption Shows Great Promise

            Coca-Cola shows a second example of understanding an international market, more specifically the feelings of said market.  Coca-Cola plans on scaling back its upbeat marketing campaign leading up to the World Cup.  Coca-Cola realizes that if there is a discord between their campaign and the overall sentiment of Brazil, their company image will suffer.  Take a second to look at Fox’s article on this strategy in a new page: http://fxn.ws/1iuunpI.  As a result, Coca-Cola moves stride in stride with their target market.

            So, marketing internationally must align the values of the market with the offerings of the company.  When looking at how to move forward, a CMO and marketing department must work to fulfill these points:

1.     Market Towards Specific Markets: Like Pele's diamonds, if you find a way to focus on what your target market desires, the selling point becomes much easier

2.     Capitalize on Current Events: Partnering your company with major events in your market is a great way to permeate the market

3.     Sync marketing strategy with market emotions: Consumers want to see that the company they are buying from understands them.  Take a page out of Coca-Cola's book and partner your company's status with the state of your target market

Seamus Naughton is an Economics and Integrated Marketing Communications student at Northwestern University.  He is interested in both business internationally and more specifically in the Lusophone world.  He studies the Portuguese language and operates a twitter feed on the topic.  Follow him at @Lusophonenews on Twitter.

Brand Mangers: Stay Competitive & Gain Market Share

As a Brand Manager, your brand essence is the leading force in differentiating your brand from competitors and creating a positive perception in the minds of consumers. Through Northwestern University’s Medill IMC program, I have learned the importance of establishing a brand image and voice that will keep consumers intrigued and have found articles reiterating the importance of  these strategies when managing a brand.

One article that gave a deeper understanding of the importance of a messaging strategy is Develop Your Voice: Three Keys to Killer Messaging. This article discusses how marketers must go beyond being noticed has having a great logo and focus on the overall image their brand represents. Strategic messaging needs to be considered when trying to reach prospect consumers. The overall goal is to get these consumers to know, like and trust your brand. If the strategy is implemented correctly, consumers will directly choose your brand when a need arises because they will feel comfortable with your brand voice and image.

While building trust among your audience through messaging strategies, it is also imperative to engage your audience through digital platforms as discussed in Six Tips to Get Your Consumers Talking About Your Brand at the Dinner Table. This article discusses how competitive advantage demands consumers attention. The power of social media enables consumers to feel as if they’re part of your brand. Empowering these consumers will only lead to brand ambassadors who will talk favorably.

www.pinoysalapionlinewithsusana.biz

After reviewing these articles, I have found three key important aspects that will aid you in developing a brand voice that is powerful. These three tips will help you develop a brand image that will connect with your audience and increase your brand awareness:

• Authenticity Is King: Complete an overall assessment of your current brand and messaging strategy to determine if it’s authentic.

• Focus on Innovative Messaging: Develop, or continue to develop, a strategic messaging strategy that will help you stand out from competitors and be on the minds of target consumers.

• Profit from Social Media: Use social media as a tool to foster a deeper relationship with consumers.

As a Brand Manager, every form of content must convey your brand image and build your brand essence. Implementing the above actions items will not only distinguish your brand from competitors, but will build a deeper relationship with your audience. Executing these strategies will ultimately be a reward for your brand because it will create loyal consumers, which will lead to your brand possessing a strong position in the marketplace.

Bianca M. Harris is a graduate student at Northwestern University in Medill’s Integrated Marketing Communications program. She is the Social Media Director of Vitamin IMC. Bianca can be reached on Twitter at @biancamharris.

CMO - Examine Eco-Brands and Grow

As a CMO, you know it’s important to understand your customer; as their preferences change, you must evolve your understanding of their needs in order to tie your product into their lifestyle. As a graduate student in Medill’s Integrated Marketing Communications program and an avid supporter of social causes, I have been researching the effect of cause marketing on businesses and how it relates to company growth.

“Inside the Buy-One Give-One Model” by Christopher Marquis and Andrew Park argues that the One-For-One Model, founded by Blake MyCoskie at TOMS, not only creates commercial and social impact, but also is leading the way for entrepreneurship. Marquis and Park argue that One-For-One is an important model to emulate because of its clear messaging. They identify many one-for-one organizations and examine the success they have met merging marketing strategy, social impact, and consumer desires into one package. As the millennial generation garners more discretionary income, causes have become increasingly important for consumers as they make purchase decisions.

Brian Solis 

While the one-for-one model has paved the way for cause-friendly brands, their easy-to-understand marketing message isn’t the only takeaway. “Environmentally conscious companies don’t just sell products, they promote a mission and sustain a lifestyle that benefits their customers and simultaneously makes the world a better place,” says Kate Harrison in “How Four Eco Brands Are UsingSocial Media Effectively”. In this article, Harrison highlights four eco-friendly brands and their standout social media performance. These eco-brands have a triple bottom line that guides their business principals and a mission driven statement that recognizes the interests of their consumers.  Across all four social campaigns, the brands clearly stand for something, allowing them to promote their brand with an authentic voice, cultivate company culture, and enable a strong consumer following.

After reading these two articles, I believe CMO’s must focus on three strategies that will help them keep pace with changing consumer preferences and perhaps enable them to create social impact along the way.

1
      Clarify Your Mission – Both for your consumers and employees, a clear company mantra keeps your brand top-of-mind and has the opportunity to directly meet your consumers’ needs. Do you know what you stand for? What does your company believe in?

2    Leverage Social Media – Your consumer’s needs are front and center on social media. You have the opportunity to have a 1-1 relationship. Embrace this and be authentic.

3
      Sell Experiences – Whether you are a cereal company or a technology start-up, your story has the opportunity to empower consumers. Understand your customer’s lifestyle and become a part of it.

If you haven’t taken the time to understand the intricacies of successful mission driven organizations yet, you should. Consumer preferences are changing, and extensive research suggests that those preferences are trending towards companies that the consumer can feel good about.

Mari Alta Bakken is interested in helping organizations achieve profit maximization through mission driven marketing strategies that motivate employees to thrive and encourage consumers to buy. She currently works part-time in Integrated Marketing at LYFE Kitchen and will be working as a Relationship Marketing Planning Intern at General Mills in Summer 2014. Bakken is studying for her Masters in Integrated Marketing Communications at Medill, Northwestern University and completed her Bachelors of Arts in Radio/TV/Film and Political Science at Northwestern University.

Luxury Marketers: Big Data from the boutique? New technologies help best serve your customers

  

Digital is radically changing the consumption pattern of luxury goods consumption in every way. As a graduate student studying the Integrated Marketing Communications in Northwestern University, I’ve always been interested in learning the marketing trends within luxury and how the industry would leverage technology as well as digitalization to make the best outcome. For those luxury managers who are poised to offer top-tier services as their merchandise, here I found two inspiring articles that would help you make it happen.

According to a recent report from McKinsey (see "Digital luxury experience: Keeping up with changing customers" by Linda Dauriz), the future of digital luxury hasn’t been bright ever — online luxury sales are growing twice as fast as the overall market. The report demonstrates that, in 2013, digital interactions directly generated more than 13% of offline luxury sales and influenced another 28% of sales. Also it shows that more than 45% of luxury purchases are influenced by what shoppers find in the digital universe. From all these mind-blowing numbers we can obviously feel the power of digitalization in terms of boosting luxury sales in today’s world. But, what’s more noteworthy is that although pure online transactions are growing twice as fast as the sector as a whole, they represent only about 4% of the total luxury goods market. Shoppers use the digital platform more for search and comparing purposes rather than making purchase — especially for luxury consumers who are going for more expensive or custom products. However, engaging, easy-to-navigate mobile platforms would play an important role to drive store traffic to the physical boutiques, since shoppers are more likely to use smartphones for commuting info (shopping or dining). More than half of their searches of products are on mobile devices, and by the time they actually enter the store, they’ve already gathered detailed information about the products they’re about to purchase.

Another way that digitalization could help in in-store sales is through in-store facial recognition. The article “Big Data is Watching” by Sophie Doran has introduced the state-of-the-art method of tracking in-store consumer data by following wi-fi signals and by using surveillance softwares to profile customers. As the article elaborates, Nordstrom’s experiment used video surveillance and signals from shoppers’ cellphones and apps to learn information as varied as their sex, how many minutes they spend in various parts of the store and how long they look at merchandise before buying it. Moreover such detailed info would be stored permanently and activate globally through the facial recognition tools. All the data gathered from this “in-store monitoring”, combined with data gathered from digital platform, can provide marketers valuable information about customer preferences so as to guide them to change store layouts and offering more customized services, creating ever satisfying in-store customer experience throughout the world. However, the legal issue has been brought up with it, suspending the experiments in Nordstrom after months. Generally in customers’ minds, personal data is the price they pay online for the ability to quickly compare pricing and arrange convenient delivery. Whereas they feel that this “give to get” mechanism won’t apply when it comes to in-store data collection — When retailers try and collect similar data from consumers in a physical retail environment, they become unnerved, with the key criticism of in-store data collection being lack of consent.

In reading the above 2 articles, I would suggest 3 actions for luxury marketers regarding how to best leverage big data to stay at the cutting edge and generate higher revenue benefited from what you have:

  

    1. Perfect in-store experience & use digital as catalyst. Digital is serving more as the helper for customers to purchase wisely, but boutiques are still where they make purchases. Deeper engagement with customers digitally, however, can increase store traffic to generate higher revenue.

     2. See the value of in-store data. The value of In-store experience for customers determines the value of monitor in-store behaviors for marketers. Combine in-store data with online transaction, marketers can profile best-valued customers more accurately and offer them more satisfying purchase experience.

     3. Never overlook the legitimacy of data collection. The dispute over the legitimacy of gathering user data is more serious than ever. Complaints and criticism around “big data or big brother” have been and will still be the topic. Therefore, marketers have to notify customers before getting any access to data in order to keep away from troubles.

The luxury market is seen as the most passion-driven and customized market. The nature of the industry has already revealed its close relationship with advanced data analysis. As the new technology popularizes in application, the deeper than ever understanding of each customer would open a brand new page in terms of building customer-brand relationship, and thus create a much more efficient business model to generate a win-win situation for both brands and customers. Let’s look forward to it.

Cerise Miao is an MS candidate in Integrated Marketing Communications at Northwestern University, majoring in marketing analytics and brand strategy. Majored in economics in college, she is interested in music, movies, languages and fine arts. She has passion for luxury and for data analysis. 
Follow Cerise @CeriseMiao